Private equity-backed Siccar Point Energy achieved a UK first: PE selling to a Major. PE has been buying from the Majors. However, in a role reversal Shell has announced it will acuqire a 30% non-operated interest in the Cambo field and a 22.5% non-operated interest in the Blackrock prospect. Siccar Point had 100% in Cambo, so a farm down was always on the cards – but attracting Shell is a coup for the company. The move is also a very positive sign for the UK, and a mark of confidence in the exciting West of Shetland (WoS) area, where the projects are located.
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